Damac Properties, a real estate developer based in Dubai, has recorded a 4% increase in its revenues to stand at AED 7.5 bn (USD 2.04 bn), as well as a 25% decrease in its net profit to reach AED 2.8 bn (USD 762 mn) in 2017, Invest-Gate reports.
The company has completed 2,304 units during the year and delivered a total of 20,236 units.
Damac’s gross profits also decreased by 9% to stand at AED 3.6 bn, as gross margins dropped to 48.8% versus 55.9% in 2016.
Booked sales have stood at AED 7.5 bn in 2017, up from the AED 7 bn last year, benefiting from the surge in off-plan sales in Dubai’s property market.
“Dubai’s property market continues to show growth as increasing demand returns to the market, and this is reflected in our booked sales. Our medium to long term outlook remains positive, with continued local demand as well and stronger interest by international investors,” says Hussain Sajwani, chairman of Damac Properties.
